Bank of Baroda Q2FY18 standalone net profit declines 35.7% yoy to Rs.355 crore : Misses Estimates
Bank of Baroda Q2FY18
Standalone Results Q2FY18: (Rs. in crore)Q2FY18YoY (%)
Net Profit (adjusted)
355[35.7]***NPA change is bps
Last updated on
Bank of Baroda reported its Q2FY18 results today. The quarterly numbers missed street estimates on net profit. The net profit for the quarter was 22.6% below the street estimates of Rs.459 crore. However, net interest income for the quarter was 5.7% above the street estimates of Rs.3519 crore.
The NII for the quarter was saw 8.6% yoy increase to Rs.3720 crore vs R s.3426 crore in Q2FY17. This was largely due to 2.6% yoy increase in interest income to Rs.10753 crore. While, interest expendedremained flat.
The asset quality for the quarter showed steady performance. The GNPA’s for the quarter rose by 8% yoy to Rs.46306 crore. The GNPA’s as percentage to total advances declined by 19 bps to 11.16% vs 11.35% in Q2FY17. The NNPA also declined by 41 bps to 5.05% vs 5.46% in previous year corresponding quarter.
The provisions for the quarter continue to remain inch upwards for aging stressed asset problem. The provisions for the quarter rose by 30% yoy to Rs.2329 crore vs Rs.1795 crore Q2FY17. The resultant net profit for the quarter declined by 35.7% yoy to Rs.355 crore in previous year corresponding quarter.Also, the PCR for the quarter stood at 67.18%.
Further advances and deposits grew by 9% & 3% yoy to Rs.387301 crore & 583212 crore respectively.
Bank of Baroda ended at Rs. 174.40, up by 2.6 points or 1.51% from its previous closing of Rs. 171.80 on the BSE.
The scrip opened at Rs. 172.50 and touched a high and low of Rs. 177.35 and Rs. 172.50 respectively. A total of 2,29,94,758(NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.
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Via:: Stock – India Infoline